Financial Services Sector Displays High Discrepancy Percentage in Background Screening

MUMBAI:
Cases of discrepancies in the Financial Services industry surprisingly showed a higher discrepancy percentage of 16.9 percent in Q4-2020, way above the industry average of 11.9 percent in the previous quarter, as per the Q4 Trends Report released by First Advantage – a leading background screening company in India. Sectors like Banking, BPO, E-commerce & Logistics, Engineering & infra, FMCG, Healthcare, Manufacturing, Pharma, Retail and Telecom, have displayed higher discrepancy percentages against the industry average of 8.6 percent in Q4-20.

The Employment component depicts that many sectors individually like E-Commerce & Logistics, Engineering & Infra, Healthcare, Hospitality, Insurance, Manufacturing, Pharma and Retail to name few – have shown higher inclination towards alternate modes of verification in these challenging times.

“’Essentials’ have assumed a new meaning today. In the corporate world, Background Verification (BGV) is that ‘essential’ ingredient which has deep roots in business risk, compliance and data security too. With our digital initiatives driven by modern technology and alternate screening solutions we at First Advantage have transformed our processes to adapt with the changing environmental and economic conditions.”said Amit Singh, Head – Commercial, First Advantage India.

The year end quarter has shown some very positive trends and very clear indications of Organizations– coping, adapting and coming out to a world with Covid-19, fiercely fighting back for survival. Sectors like Consulting, Healthcare, Insurance, IT and Manufacturing clearly depicts that the markets have bottomed out. Some of these sectors have shown much higher volumes in the fourth quarter as compared to the first quarter of 2020.

“As we continue our journey towards a product company, we are achieving success through innovative product developments and digital screening solutions.”adds Singh.